Paras Healthcare Limited

This section provides an overview of the industry, drawing on reports from CRISIL Intelligence. It discusses macroeconomic factors, including projections for global GDP growth and India's fiscal growth. Furthermore, it details India's economic linkages with West Asia regarding trade, investment, and remittances. The section also covers social and healthcare parameters, noting that India's healthcare expenditure as a percentage of GDP is among the lowest globally, and its per capita health expenditure is also low when compared to other nations.

The section discusses indicators related to India's healthcare infrastructure, specifically bed density and personnel density, in comparison to global standards. It notes that India's healthcare infrastructure is far from recommended thresholds, referencing guidelines from the National Health Policy 2017 for bed availability. Furthermore, it details regional variations in physician and nurse density across different states and regions, highlighting areas with substantial room for healthcare service expansion.

This section details the classification of hospitals in India based on the structure of healthcare services, categorizing them into primary, secondary, tertiary, and quaternary care levels. It further classifies hospitals based on ownership and management models, including Government/Public, Private, Trust, and Operate & Manage (O&M). The text also discusses emerging technologies in healthcare delivery, such as Electronic Health Records (EHRs), Artificial Intelligence (AI), Machine Learning (ML), Radiology Information Systems (RIS), Telemedicine, and Robotic-assisted surgery. Finally, it covers market dynamics, including the growth of the Indian healthcare market and the financing schemes used in the sector.

The Indian healthcare delivery market is expected to experience significant growth, driven by long-term structural factors, renewed impetus from PMJAY, and a government focus on the healthcare sector. The market is segmented into In-patient Department (IPD) and Outpatient Department (OPD), with IPD accounting for a substantial portion of revenue. Growth forecasts vary across the market segments and regions, with specific CAGR expectations for different periods. Furthermore, the market analysis includes a review of regional market shares and details on the growth prospects within specific regions like the North and East.

This section provides demographic and hospital infrastructure snapshots for several districts across different regions of India, including Gurugram, Patna, Darbhanga, Panchkula, Udaipur, Ranchi, and Srinagar. It details various metrics such as area, estimated population, population density, GDDP, and estimated hospital infrastructure like the number of hospitals and beds. Furthermore, it lists key hospitals and medical colleges in these locations, along with information about neighboring districts.

The provided text details various hospital and medical college infrastructure across different regions of India, including Jammu & Kashmir, Uttar Pradesh, Kanpur, Meerut, Delhi NCR, Lucknow, and Ludhiana. It provides snapshots of hospital bed capacity, population estimates, and various metrics related to healthcare infrastructure. The text also discusses the distribution of hospital beds across different states and regions, noting that Uttar Pradesh has the highest hospital bed availability among the considered states.

The Indian healthcare industry is experiencing growth driven by evolving demographics, increasing health awareness, and rising income levels, which create opportunities for innovation. Key trends include the need for geriatric care due to an aging population, the rise in preventive healthcare, and the impact of digital health solutions like telemedicine. While digital health is transforming access, challenges persist, such as inadequate infrastructure, affordability constraints, and shortages of specialized doctors. Favorable government policies are also creating an environment conducive to innovation and public-private partnerships in the sector.

The Indian healthcare delivery system is experiencing consolidation due to intense competition and strict regulations, which favors larger hospital brands possessing greater financial strength and resources. Key drivers for this consolidation include the rising demand for quality healthcare, advancements in technology, and multi-disciplinary care approaches. Private equity (PE) investment has significantly contributed to this trend by consolidating hospital portfolios and forming regional clusters. Furthermore, there is a strategic expansion into non-metro cities to meet the growing, unmet healthcare demand in these regions, often by deploying metro-grade infrastructure.

This section provides various counts related to hospitals and beds in India, split by region, city tier, and mode of operation across different fiscal periods. It details specific notes regarding what is included or excluded in these counts, such as the definition of operational hospitals, the inclusion of certain medical centers, and the impact of acquisitions on the counts for entities like Manipal. The data is presented in tables showing hospital counts and bed counts across different timeframes.

This section provides various bed count data for different healthcare entities, categorized by various metrics such as operational beds, census beds, and total capacity, across different fiscal years and quarters. It details specific inclusions and exclusions for bed counts, such as those related to hospitals outside India, under construction, or those in certain specialized units. Furthermore, it includes data on the distribution of these beds across different geographical regions, city tiers, and specific city locations.

This section provides various hospital bed counts, categorized by different hospital chains (like Narayana, Manipal, Asian, etc.), and splits across various cities and tiers. It also includes notes clarifying how bed counts are derived, such as exclusions for hospitals outside India or specific calculations for certain cities. Furthermore, the text details planned hospital bed additions for future fiscal years and presents patient mix data, including inpatient and outpatient volumes, as well as average length of stay (ALOS) and average revenue per occupied bed (ARPOB).

This section details the revenue mix, split by various regions, patient types, payors, and specialties across different fiscal periods. It provides specific rules for how revenues from various hospitals (like Paras, Aster, Jupiter, KIMS, Narayana, and Yatharth) are categorized into regional groups such as North, South, East, and West India based on hospital locations. Furthermore, it outlines the methodology for splitting revenue based on different payor types, including Insurance/TPAs, Government schemes, and others, depending on the specific company being analyzed.

This section provides a detailed breakdown of revenue mix, which is segmented by specialty, region, patient type, and payor, across various fiscal periods. It also details the revenue share for several major hospital players, including Apollo, Aster, Fortis, Medanta, KIMS, Max, Narayana, Yatharth, and Manipal, across different financial years and quarters. Furthermore, it includes key financial parameters such as revenue from operations, total income, EBITDA, Profit Before Tax, and Profit After Tax, along with their respective Compound Annual Growth Rates (CAGR).

The company is a clinical specialty-led hospital platform that provides tertiary and quaternary healthcare services through a network of eight hospitals with an aggregate bed capacity of 2,211 beds as of June 30, 2026 across North India, Bihar, and Jharkhand. The company operates under the "Paras Health" brand, with facilities in five states and one union territory. The company has an expansion pipeline planned, intending to launch a hospital with 300 beds in Gurugram and another with 500 beds in Ludhiana by Fiscal 2027 and 2028, respectively, aiming for a total capacity of 3,011 beds by March 31, 2028. The hospitals focus on high-acuity care across specialties including cardiac sciences, oncology sciences, neuro sciences, gastro sciences, orthopedics and sports injury, and renal sciences (collectively, "CONGOR").

The issuer has expanded its hospital platform organically, focusing on scaling operations through internal accruals and debt financing with limited equity infusions. The company has increased its total bed capacity and is recognized as one of the largest healthcare providers in North India, Bihar, and Jharkhand in terms of bed capacity as of June 30, 2026. The company targets underserved markets with high demand for tertiary and quaternary care, often near medical colleges. The company operates through various models, including owned, leased, revenue-sharing, and public-private partnership arrangements for its facilities. The clinical infrastructure includes modern operating theatres and specialized equipment, and the company has received several accreditations from NABH and NABL.

The company functions as a leading healthcare provider in North India, Bihar, and Jharkhand, utilizing a first-mover advantage and a strong brand recognition. It has established eight hospitals across five states and one union territory, achieving geographic diversification while maintaining a regional focus. The core clinical strategy centers on delivering tertiary and quaternary care through deep specialty capabilities, focusing on complex and high-acuity cases. The infrastructure includes critical care units designed for organ and condition-specific needs.

The issuer's revenue is heavily concentrated in CONGOR specialties, which accounted for a significant portion of operations across various fiscal years. The company emphasizes a focus on tertiary and quaternary care, utilizing complex procedures and advanced surgeries to provide high-acuity services. Significant investments have been made to expand CONGOR specialties, including commissioning new radiation oncology programs and installing LINACs at several hospitals. The company has also introduced robotic surgery programs and has established various transplant programs. Furthermore, the company has adopted a 'patients first' philosophy and implemented structured clinical governance frameworks, alongside a cloud-first digital ecosystem to enhance patient experience and operational efficiency.

The company has implemented various efficiency measures, including centralized and cloud-based applications, and a business intelligence platform to support data-driven decision-making. The management team is led by clinicians with extensive experience in medical practice and hospital operations, with the Promoter pioneering the commissioning of hospitals. The company has expanded its physical footprint by launching new hospitals in Srinagar and Kanpur, alongside emerging hospitals in Ranchi and Udaipur. Growth strategies focus on scaling operations at different hospital maturity levels, expanding the network in North India, and introducing advanced clinical programs and technologies. The company plans for significant network expansion through brownfield and greenfield expansions, including new hospital launches in Gurugram and Ludhiana.

The company's operating performance showed a steady improvement across its hospitals over the three-month periods ending June 30, 2026, compared to previous fiscal periods, as evidenced by higher bed occupancy rates and sustained ARPOB levels. The document details performance metrics for several hospitals across different locations. Furthermore, the text describes the establishment and operational models of various hospitals, including details on their capacity, accreditation status, and partnerships with other entities.

The issuer operates several hospitals, including Paras Hospital in Srinagar and Paras Yash Kothari Hospital in Kanpur, which commenced operations in June 2023 and April 2024 respectively. These facilities offer a wide range of clinical specialties, covering cardiac, oncology, neuro, gastro, orthopedic, and renal sciences. The group maintains in-house pharmacies and a NABL-accredited central reference laboratory, Paras Labs, in Gurugram. The company utilizes various advanced medical equipment for diagnostics and treatments, and manages complex procurement and supply chain operations with third-party vendors. Revenue is diversified across self-pay, insurance/TPA, and government schemes/PSUs.

The company emphasizes a compassionate and patient-first approach, actively monitoring and analyzing patient feedback from various digital channels to improve processes and enhance the patient experience. The company places a strong focus on internal branding through consistent visual elements and communication within its hospitals to reflect its core values of compassion, trust, and clinical excellence. The organization maintains a significant workforce, including doctors, nurses, and various support staff, and invests in training and development for medical professionals. Furthermore, the company has implemented numerous employee engagement and retention initiatives to foster collaboration and recognize contributions.

This section primarily details various trademark opposition proceedings and intellectual property matters, indicating disputes over trade names and logos with other entities. It also covers aspects of the company's insurance coverage, including the validity periods for various policies, and outlines its risk management framework, which includes governance structures, compliance with various laws, and internal controls. Furthermore, the text discusses corporate social responsibility (CSR) expenditures, the company's commitment to environmental, health, and safety (EHS) strategies, and its efforts to conserve energy and manage waste.

The issuer details various properties and leases related to hospitals, including its own registered and corporate office in Gurugram, which occupies 15,158 square feet. The company also owns land for a Gurugram hospital, and other hospitals are located on leased land from third parties or its subsidiary, mjemi, for the Udaipur hospital. The text outlines several lease agreements with different entities, detailing terms such as lease duration, rent, termination triggers, and rights for both the lessor and the company.

The company operates in the business of operating and managing hospitals and clinical and research laboratories in India, which subjects its operations to various central and state legislations. These operations require obtaining and regularly renewing licenses and registrations from relevant authorities. The company must comply with industry-specific laws such as the Clinical Establishments Act, the Preconception and Pre-Natal Diagnostic Techniques (Prohibition of Sex Selection) Act, the Medical Termination of Pregnancy Act, and the Transplantation of Human Organs and Tissues Act. The text also details various regulations concerning the operation of clinical facilities and the maintenance of records.

This section details various Indian laws and regulations pertaining to medical practice, research, and safety. It covers legislation such as the National Medical Commission Act, the National Nursing and Midwifery Commission Act, and various ethics and conduct regulations enforced by medical councils. Furthermore, it lists acts concerning epidemic diseases, radioactive materials, explosives, and guidelines for human biological material exchange. It also includes regulations for assisted reproductive technology, surrogacy, and standards for clinical laboratories and diagnostic equipment.

The section details a broad overview of various Indian laws and regulations applicable to the company's operations, covering aspects such as healthcare standards, food safety, drug regulations, environmental protection, and labor laws. It lists numerous acts and rules that govern different sectors, including those related to licensing, record-keeping, and consumer protection. The text emphasizes the framework provided by these laws for ensuring safety, standards, and accountability across various business activities.

This section details the various legal frameworks and regulations applicable to the company's operations, covering aspects such as trademarks, information technology, data protection, foreign trade, and securities market conduct. It outlines numerous laws that the company and its subsidiaries must comply with for day-to-day operations, including those related to employee benefits, consumer protection, and medical regulations. Furthermore, it mentions the implementation of internal compliance trackers, whistle-blower policies, and standardized operating protocols to ensure adherence to these legal requirements.

The company's corporate history spans several name and structure changes, starting with incorporation in 1987 and subsequent conversions and name changes over the years. The company's Memorandum of Association outlines broad objects related to various medical and healthcare services. Key milestones include the establishment of numerous hospitals, significant investment rounds, and a series of accreditations and awards received by the company's facilities. The document also details various amendments to the authorized share capital over a decade and notes operational delays related to approvals and lease agreements for hospital commencement.

The section details the absence of defaults on borrowings, significant financial or strategic partners, or material divestments/mergers within the last ten years preceding the prospectus date. It outlines several material transactions, including the acquisition of 100% shareholding in Plus Medicare, the transfer of business undertakings through various agreements, and various share purchase agreements with different investors. Furthermore, it clarifies the nature of shareholder agreements and the absence of other material agreements with third parties, except as disclosed.

The document outlines the relationship between the promoter and shareholders, confirming no agreements regarding compensation or profit sharing with third parties, and stating that such rights will cease upon listing approval. The company currently has two wholly-owned subsidiaries, Paras Healthcare (Ranchi) Private Limited and Medicare Hospitals Private Limited. Details regarding the corporate information, business operations, and financial data for both subsidiaries are provided. Furthermore, the document confirms that there are no current associates or joint ventures, and clarifies the nature of business relationships between the company and its subsidiaries.

This section primarily defines various terms and abbreviations used within the Red Herring Prospectus. It specifies that 'our Company' refers to Paras Healthcare Limited, a public limited company incorporated under the Companies Act, 1956, with its registered office in Gurugram, Haryana. It also defines key personnel such as the Group Chief Financial Officer as Dilip Bidani and the Promoter as Dr. Dharminder Kumar Nagar. The document outlines various legal and procedural terms related to the offer, including different types of investors and the process for allotment.

This section defines various terms related to the public offering process, including who constitutes Designated Intermediaries, the types of investors involved, and the various components of the offer. It specifies different categories of bidders such as FPIs, NRIs, and Retail Individual Investors, and details the structure of the Fresh Issue and Offer for Sale components. It also outlines the roles of various banks, brokers, and registrars involved in the process.

This section primarily defines various financial and operational terms used within the document, such as metrics like Adjusted Debt to Equity, Return on Capital Employed, and various hospital-specific performance indicators. It also lists numerous conventional and legal terms, including various Acts, regulations, and financial instruments. The text details calculations for metrics like Average Length of Stay (ALOS), Bed Occupancy Rate, and different revenue streams. It also specifies various hospital types, such as Gurugram, Patna, and others.

This section outlines various conventions regarding the use of financial information, currency, and market data within the Red Herring Prospectus. It specifies that financial data is derived from Restated Consolidated Financial Information, and it details the various accounting standards and regulations that the information complies with. The document also discusses the limitations of relying on this financial data due to differences between Indian accounting standards (Ind-AS) and other standards like U.S. GAAP or IFRS. Furthermore, it addresses the use of non-GAAP financial measures, the limitations of third-party industry data, and various forward-looking statements.

This section details various corporate and regulatory aspects related to the company, including its history, registered office, board members, and the parties involved in the offer process. It outlines the transition of the company's name and legal status over time, the details of the board directors, and the list of Book Running Lead Managers and Legal Counsel. It also specifies the monitoring agency appointed for the utilization of gross proceeds from the fresh issue.

This section details the various activities and responsibilities proposed for different coordinators involved in the issuance process, ranging from capital structuring and drafting of prospectuses to marketing and post-bidding activities. It outlines specific roles for various Book Running Lead Managers (BRLMs) such as JM Financial, Nuvama, and BofA, as well as coordination with Stock Exchanges and regulatory bodies. Furthermore, it specifies procedures for the book-building process, including how the price band and minimum bid lot will be determined, and the requirements for bidders regarding the ASBA process.

This section details the authorized and issued share capital of the company as of the date of the Red Herring Prospectus, including various components of the offer structure. It outlines the authorized share capital, the amount of capital available for fresh issues and offers for sale, and the securities premium account balance before and after the offer. Furthermore, the document provides a detailed history of equity share allotments, including various dates, numbers, and considerations, as well as information regarding the conversion of past preference shares into equity shares.

The section details various aspects of the company's capital structure, including the shareholding of the Promoter and the build-up of various shareholders over time. The Promoter currently holds 72.80% of the issued equity shares as of the Red Herring Prospectus date. The document lists numerous transactions involving the transfer and acquisition of equity shares by the Promoter, other group members, and investor selling shareholders. Furthermore, it outlines details regarding the lock-in periods for the Promoter's contribution and subsequent bonus issues.

The document outlines various lock-in periods for promoter's contribution and excess shareholding, as stipulated by SEBI ICDR Regulations. It specifies that a portion of the promoter's shareholding is locked in for three years, while excess shareholding is locked in for one year. Furthermore, it details conditions regarding the pledge of these shares with certain financial institutions for loans related to the offer's objects. The text also provides a shareholding pattern as of the Red Herring Prospectus date, identifying major shareholders and their respective holdings.

The company intends to maintain its current capital structure, restricting changes like splits, consolidations, or further equity issuance for six months from the Bid/Offer Opening Date, with exceptions for certain options and fresh issues. There are no outstanding convertible securities or warrants as of the date of the Red Herring Prospectus. Furthermore, no buy-back arrangements have been entered into for the purchase of equity shares being offered. The company currently has 13 shareholders, and details regarding the weighted average cost of acquisition for various shareholders are provided. Significant details are given regarding the issuance and vesting of employee stock options under the ESOP 2024 scheme.

This section details various particulars related to employee stock option grants for the period from April 1, 2026, up to the date of the RHP. It outlines details regarding the exercise price of options, vesting periods, and the total number of options outstanding. The data presented covers fiscal years 2026, 2025, and 2024, with specific breakdowns for different employee categories. Furthermore, it describes the methodology used for pricing options, including the Black-Scholes Model parameters, and considerations regarding the impact of employee compensation costs on the company's profits.

The Offer comprises both an Offer for Sale and a Fresh Issue. The proceeds from the Offer for Sale will be distributed to the Selling Shareholders after deducting their respective offer expenses and taxes, with the Company not receiving any proceeds from this part. The Fresh Issue involves gross proceeds of ₹500.00 Crore, which are subject to deductions for estimated offer-related expenses. The company proposes to use the net proceeds for various objects, including debt repayment, investment in a wholly owned subsidiary, and general corporate purposes.

This section details various loan arrangements, including term loans from HDFC Bank Limited, with different terms and security provisions. The details cover various loan amounts, outstanding amounts as of June 30, 2026, and the purpose of the loans, which is primarily for healthcare infrastructure and equipment. Some loans involve specific security over movable assets and properties in Udaipur, and there are provisions regarding prepayment penalties which have been waived by the lender.

The document details the proposed utilization of net proceeds, primarily for debt repayment and investment in a wholly-owned subsidiary. The net proceeds are intended to be used for the specified objects, with any remaining balance potentially being deployed towards general corporate purposes, subject to certain limits. The text also outlines various aspects related to the offer expenses, including fees payable to various intermediaries and the process for releasing processing fees from sponsor banks. Furthermore, it establishes a monitoring framework where a credit rating agency will oversee the utilization of gross proceeds, and the company commits to providing detailed descriptions of fund usage for quarterly reports.

The document outlines several regulatory requirements concerning the utilization of gross proceeds from the offer, including certification by statutory auditors and quarterly reporting to Stock Exchanges. It also details procedures for handling variations in the utilization of proceeds and the process for seeking shareholder authorization for any changes to the objects. Furthermore, it confirms that no part of the net proceeds will be paid to promoters or related parties, except for specific entities mentioned in the offer's objects. The section also discusses the basis for determining the offer price, which involves consultation with Book Running Lead Managers and assessment of market demand.

This section presents financial data for several healthcare companies, including Paras Healthcare Limited, listed peers, and various other entities. It includes metrics such as Face Value per equity share, Enterprise Value, Closing Price, various financial performance indicators like Revenue, EBITDA, EPS, P/E, EV/EBITDA, Net Worth, and Return on Net Worth. The text also provides brief business profiles for the listed companies, detailing their hospital networks, operational bed capacities, and various service offerings.

This section primarily discusses the Key Performance Indicators (KPIs) used by the company to analyze its business performance and compare it against peers. It details the approval and verification process for these KPIs by the Audit Committee and the Group Chief Financial Officer, confirming their adherence to SEBI ICDR Regulations and industry standards. The text also outlines the commitment to periodically disclose these KPIs until the later of one year after the listing of equity shares or the complete utilization of the offer proceeds.

This section primarily details the Key Performance Indicators (KPIs) used by the company to analyze and track its operational and financial performance. It lists various metrics such as revenue components, profitability measures, capital efficiency ratios, and various aspects of the healthcare services, including bed capacity and utilization. The text also provides a comparison of these KPIs against a group of listed industry peer companies for a specific three-month period ending June 30, 2026, and shows historical revenue and EBITDA figures for a previous period.

This section provides detailed financial and operational parameters for various healthcare units over a three-month period ending June 30, 2025, and for the fiscal year 2026. It details metrics such as EBITDA margins, profit before tax, capital employed, and various operational parameters like the number of hospitals, bed capacity, and occupancy rates. Furthermore, it includes extensive breakdowns of revenue mix by specialty and payor type.

This section presents various financial parameters for different healthcare companies for Fiscal Year 2025 and 2024, detailing revenue, income, EBITDA, and profit figures. It includes metrics such as revenue from operations, growth rates, various revenue streams broken down by specialty, and payor-wise revenue mix. The data is provided across several listed health sector companies.

The provided text discusses various aspects related to the computation of Key Performance Indicators (KPIs) and the pricing of the company's equity shares. It details procedures for determining the weighted average cost of acquisition and price bands based on primary and secondary transactions. Furthermore, there is a section concerning the statement of special tax benefits available to the company, its shareholders, and material subsidiaries, which is dependent on fulfilling certain conditions prescribed under relevant tax laws.

This section details various provisions of the Indian tax laws applicable to the company and its material subsidiaries, primarily focusing on special direct tax benefits and deductions. It outlines conditions for availing concessional tax rates, deductions related to inter-corporate dividends, employment of new employees, preliminary expenses, and the set-off and carry-forward of unabsorbed depreciation and business losses.

This section discusses various tax implications related to capital gains and deductions available to the company and its subsidiaries under the Income Tax Act, 1961. It details tax rates for long-term and short-term capital gains, as well as provisions for deductions concerning scientific research, capital expenditure on specified business, and donations to specified funds. Furthermore, it outlines special direct tax benefits and indirect tax regulations applicable to the company, its shareholders, and material subsidiaries.

This section primarily details the examination report and the scope of the financial information reviewed by the independent auditor. It outlines the financial statements examined, including restated consolidated statements for various periods, and specifies the standards and regulations under which the financial information was prepared and reviewed. The report references various audit reports and discusses aspects related to the maintenance of audit trails in accounting software used by the group.

The provided text details various aspects of the financial statements, including audit trail features and restated financial information, as well as the statement of cash flows for Paras Healthcare Limited. The text discusses limitations regarding the audit trail feature in accounting software used by the Holding Company and subsidiaries, noting instances where audit trail was not enabled or where user IDs were not captured. Furthermore, it presents comparative financial data for the year ended March 31, 2026, March 31, 2025, and March 31, 2024, including the Restated Consolidated Statement of Profit and Loss, Balance Sheet, and Cash Flow statements.

This section details the restated consolidated financial information for Paras Healthcare Limited, covering cash flows, changes in equity, and various accounting policies. It presents data for different periods, including three-month periods ending June 30, 2026, and annual periods ending March 31, 2026, 2025, and 2024. The information is prepared in INR million and adheres to various Indian Accounting Standards (Ind AS). The text also outlines the basis of preparation, including the use of historical cost convention and various accounting pronouncements.

This section details various accounting policies and judgments related to financial reporting, including impairment of financial assets, recognition of deferred tax assets and liabilities, provisions for litigation, employee benefit obligations, and leases. It outlines criteria for measuring fair values, classifying assets and liabilities as current or non-current, principles of consolidation for subsidiaries, accounting for property, plant and equipment, intangible assets, inventories, cash and cash equivalents, and financial instruments.

This section details the accounting treatments for financial assets and liabilities, including their initial recognition, subsequent measurement, derecognition, and impairment provisions. It outlines various classifications for financial assets based on business models, such as holding assets for contractual cash flows, and specifies how different types of assets are measured (e.g., amortised cost, fair value through OCI, or fair value through profit or loss). The text also covers rules for handling financial liabilities, including their classification and subsequent measurement, as well as criteria for recognizing provisions, contingent liabilities, and the recognition of revenue from healthcare services and pharmacy products.

This section details various accounting treatments for employee benefits, income tax, segment reporting, earnings per share calculation, business combinations, property, plant and equipment, and right-of-use assets and lease liabilities. It outlines the recognition criteria for different types of employee benefits, including short-term, long-term, defined contribution, and defined benefit plans. Furthermore, it describes the accounting for income tax (current and deferred tax), the reporting structure for operating segments, and the methods used for calculating basic and diluted earnings per share. Finally, it provides extensive tabular data on the movement in property, plant and equipment and right-of-use assets, along with details on lease liabilities and related expenses.

This section provides detailed notes on the financial statements, focusing on the breakdown of right-of-use assets categorized by various types, the summary of significant lease agreements, and schedules for various assets and liabilities. It also details the carrying values for capital work-in-progress and goodwill, along with schedules for intangible assets, financial assets, tax assets, and inventories.

This section details various financial statement line items, including trade receivables, cash balances, equity share capital, and other equity components for different reporting periods. The data shows fluctuations in receivables, cash, and equity over the years. Specific details are provided regarding the reconciliation of share capital and the movement within retained earnings and securities premium.

This section details the financial liabilities and borrowings of Paras Healthcare Limited, including non-current borrowings, current borrowings, trade payables, and provisions. The data is presented across various reporting dates, showing fluctuations in these figures over time. It also includes extensive details regarding security arrangements, such as various charges and guarantees over assets and properties, and the terms of repayment for loans and liabilities.

This section details various financial line items for Paras Healthcare Limited across different periods, including revenue, income, purchases, employee benefits, finance costs, depreciation, and other expenses. It also provides information on deferred tax, including assets and liabilities, and details regarding the expiry related to losses and unabsorbed depreciation.

This section details various disclosures related to the financial statements of Paras Healthcare Limited, including commitments, claims, related party transactions, and earnings per equity share. It covers asset details, legal and tax matters, related party transactions involving key managerial personnel, and the calculation of basic and diluted earnings per share. Several provisions and contingent liabilities are noted, along with the management's assessment regarding the impact of legal proceedings on the group's financial performance.

This section details various transactions and balances between the reporting entity and its related parties, including loans, fees, and deemed capital contributions, across different periods. It also provides balance sheet information as of specific dates, including financial assets and liabilities, categorized by their fair value hierarchy. The text also includes notes on the fair value measurement methodology for financial instruments, distinguishing between Level 1, Level 2, and Level 3 inputs.

This section details the financial risk management framework of Paras Healthcare Limited, covering credit, liquidity, and market risks. It outlines various policies and monitoring mechanisms for managing exposure to financial instruments. The document provides extensive data on credit risk exposure, including gross carrying amounts and expected credit losses for trade receivables across different time horizons. Furthermore, it presents liquidity risk data by detailing maturities of financial liabilities, including borrowings, trade payables, lease liabilities, and other financial liabilities, across different reporting dates.

This section details various financial disclosures, including foreign currency and interest rate risk sensitivities, employee benefits, revenue recognition, and share-based payment details. It provides numerous figures for different periods, such as for the three months ended June 30, 2026, June 30, 2025, and for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The text also outlines the components of revenue, contract balances, and the structure of employee stock option plans.

This section details various aspects of the financial statements, including a business combination summary, disclosures regarding audit trails, and comparative financial data for different reporting periods. It outlines the acquisition of assets and liabilities, notes on the use of third-party software and the lack of audit trail documentation in some instances, and presents consolidated financial figures for the Holding Company and its subsidiaries at different dates.

This section provides notes to the restated consolidated financial information, including various accounting policies and restatement adjustments. It details various compliance statements regarding transactions, guarantees, and adherence to regulations. Furthermore, it presents calculated financial ratios, such as Earnings per Share, Return on Net Worth, and EBITDA, for different periods. The text also discusses the basis for preparation of financial statements and the reliance on external industry reports.

The section details the revenue and operating EBITDA generated from hospitals categorized into Mature, Emerging, and New segments, showing growth rates between different periods. It also outlines the drivers of revenue performance, such as new clinical programs and expansion efforts in emerging and new hospitals. The text further discusses the impact of various factors on operating performance, including the mix of payors, operational efficiency indicators like ARPOB and ALOS, and the costs associated with personnel and medical consumables. Finally, it covers capital expenditure related to IT and new equipment for infrastructure and clinical support.

The provided text details various regulatory and operational aspects related to the company's activities, including price controls imposed by various authorities and the implementation of revised package rates for healthcare services. It also outlines the compilation of financial information from audited statements and specifies the accounting standards used. The text further elaborates on material accounting policies covering the recognition, measurement, depreciation, amortization, and treatment of various assets, inventories, leases, financial instruments, and liabilities.

This section details various accounting treatments and recognition principles for different financial items, including derecognition criteria for financial assets and liabilities, offset rules, classification of financial instruments, impairment models for financial assets, provisions for liabilities, contingent liabilities, and various revenue recognition methods. It also outlines specific rules for recognizing and measuring employee benefits, share-based payment transactions, income tax components, and segment reporting.

The document outlines various accounting treatments and reconciliations for financial performance metrics, including EBITDA, margins, profitability ratios, and debt structures. It details how various components of income and expenditure are classified, such as revenue from operations and other income, and lists the components of expenses. The text also provides tables showing historical comparisons for these measures across different periods.

This section presents detailed financial data for the period ended June 30, 2026, compared to June 30, 2025, and for fiscal years 2026, 2025, and 2024. It outlines various expense categories, including employee benefits, finance costs, depreciation, and other operational costs. The text highlights significant growth in revenue from operations, driven by increased services and product sales, alongside expansion in hospital infrastructure and changes in regulatory tax rates.

The company reported significant growth in its financial performance, with total income increasing by 23.94% from Fiscal 2025 to Fiscal 2026, driven by increased revenue from operations. Revenue from operations grew by 24.10% over the same period, with notable increases in services and product sales. The growth was supported by expansion across hospitals, including new facilities, and increased revenue from various sources. Expenses also rose, primarily due to higher purchases of stock-in-trade and increased finance costs related to borrowings and lease liabilities.

The financial performance showed a decline in profitability, with a loss recorded in Fiscal 2025 compared to a loss in Fiscal 2024. Other expenses increased by 14.33% between Fiscal 2024 and Fiscal 2025, driven by increased marketing, housekeeping, and power/fuel costs. Tax expenses decreased in Fiscal 2025 due to the lower profit before tax. Cash flow data shows significant fluctuations across the periods, with net cash generated from operating activities varying substantially. Total borrowings showed changes in the debt-equity ratio and interest coverage ratio across the reported periods.

This section details various financial liabilities, contingent liabilities, commitments, and asset information for the company as of June 30, 2026, and compares them to previous periods. It outlines provisions related to liquidated damages, bank guarantees, corporate guarantees, and claims against the group. Furthermore, it discusses commitments for unexecuted contracts, details regarding export obligations under the EPCG scheme, and future cash outflows for uncommenced leases. The document also covers aspects of the balance sheet, including property, plant and equipment, and related party transactions, along with disclosures on market risks and unusual events.

The provided text discusses various aspects related to the company's financial standing, including known uncertainties, competitive conditions, and segment reporting. It notes that the company operates in a competitive environment and that changes in revenue over the last three fiscal periods have been described in various sections. Furthermore, the text details the capitalization of the company as of June 30, 2026, and provides extensive details on the secured and unsecured borrowings of the company and its subsidiaries.

This section details various charges, guarantees, and restrictions related to the company's borrowings and assets, including provisions for prepayment, default interest, and restrictive covenants. It outlines several security arrangements over movable and fixed assets, as well as various restrictions on corporate actions and financial dealings. Furthermore, it specifies annual testing of various financial covenants, such as tangible net worth, debt service credit ratio, debt to EBITDA ratio, fixed asset coverage ratio, and debt equity ratio, which must be maintained by the company and its subsidiaries.

Investors should be aware that the company has incurred losses in recent periods, which may continue into the future, especially concerning the ramp-up of new hospitals and expansion of clinical programs. The performance of subsidiaries is also a concern, as they have shown losses and there is no assurance they will become profitable. Furthermore, the company faces risks related to the availability and retention of essential healthcare professionals, as the Indian healthcare sector has challenges in hiring specialized doctors. The financial performance is also heavily dependent on the performance of hospitals located in North India, and there is a risk that increased capital expenditure for expansion may not be matched by sufficient revenue growth.

The company's revenue is heavily dependent on a few key medical specialties, with cardiac sciences, oncology sciences, neuro sciences, gastro sciences, orthopedics and sports injury, and renal sciences contributing a significant portion of operations. The company faces risks related to adverse developments in the demand for these services, as well as potential challenges arising from rapid medical advancements that might necessitate costly upgrades to clinical capabilities and equipment. Furthermore, the high cost of operating, including employee benefits, retainers, and stock purchases, poses a risk to profitability, especially if these costs cannot be passed on to patients due to market pressures or regulatory pricing constraints.

The document outlines several risks related to leases and contractual arrangements, including the potential for disputes, non-renewal, or modification, which could disrupt hospital operations. There are concerns regarding the enforceability of lease deeds due to their unregistered status and the potential for penalties if restrictive covenants are not met. Furthermore, risks exist concerning the title or leasehold rights of land underlying certain hospital operations, which could negatively impact ongoing activities. The document also details contingent liabilities, which, if realized, could significantly affect the company's financial condition and results of operations. There are also ongoing legal proceedings and potential regulatory actions, including those related to medical negligence and disputes with government health schemes, which pose risks to the company's reputation and financial standing.

The company expresses concerns regarding the future profitability of its subsidiaries and the ability of new hospitals to achieve expected operating capacities and returns on investment. Potential risks include delays in operational stabilization, issues with financing, integration difficulties for technology, and challenges in recruiting healthcare professionals. The company operates in a highly regulated industry, facing risks from changes in laws and regulations, pricing norms, and potential adverse outcomes from judicial matters. Furthermore, the company is exposed to risks related to anti-corruption laws, potential issues with third-party contracts, and compliance with various data protection and labour laws.

The company faces several risks related to regulatory approvals, including the potential for delays or inability to obtain necessary licenses and permits, which could lead to non-compliance and penalties. There is also a risk concerning the loss or non-renewal of accreditations from bodies like NABH and NABL, which could damage reputation and affect business operations. Furthermore, there is a significant risk associated with delays in receiving payments from various payors, including government schemes and PSUs, which can negatively impact cash flows. The company is also subject to substantial indebtedness, which limits flexibility in operations and may require significant cash flows to service debt. Finally, there are concerns regarding the protection and use of intellectual property and the potential for infringement by third parties.

The section details various financial and operational risks related to the company's subsidiaries and its compliance with statutory requirements. Risks include the fact that subsidiaries have incurred losses and may not be able to service their borrowings, which could negatively impact the company's cash flows. Furthermore, the company's credit ratings have been downgraded, which could increase borrowing costs. There are also concerns regarding the reliability of accounting software audit trails and potential delays in paying statutory dues to various agencies.

The company faces risks related to the timely payment of statutory dues, which could lead to penalties or regulatory actions impacting its business and financial condition. There are significant concerns regarding the reliance on the 'Paras Health' brand and reputation, as negative publicity could harm trust in services. Furthermore, the business is vulnerable to changes in technology and the inability to keep pace with advancements, which might lead to a decline in demand. The company also depends on third-party suppliers for supplies and equipment, and failure by these suppliers could negatively affect operations and cash flows.

The document outlines several risks related to the supply chain, including potential disruptions from suppliers, issues with the procurement of essential supplies, and reliance on international imports. There are concerns regarding the quality of medicines and the potential for legal claims if products are found to be adulterated or counterfeit. Furthermore, the business faces risks from competition, dependency on third-party service providers for maintenance, and vulnerability to physical incidents like fires, natural disasters, or man-made incidents. The reliance on IT systems introduces risks related to cyberattacks, data breaches, and non-compliance with data protection laws. Finally, there are concerns about the concentration of ownership by the promoter and potential issues with tracing historical corporate records.

The document details several issues related to corporate records, including challans and board resolutions, which have shown discrepancies. There are concerns regarding the reliability of corporate records and the potential for future regulatory penalties due to these inconsistencies. Furthermore, the business is exposed to risks from the general Indian healthcare industry, such as competition, rising healthcare costs, and potential government proposals to cap prices. The company is also dependent on key personnel, and there are risks associated with third-party service providers, including potential service quality issues or non-compliance with labor laws. Finally, there are risks related to performance guarantees to government authorities and potential impacts from government restrictions on pricing for medical services.

The company faces several risks related to insurance coverage, labor relations, foreign exchange fluctuations, and potential regulatory issues. Risks include the possibility that insurance coverage may be insufficient to protect against material hazards, the risk of labor unrest affecting operations, and exposure to foreign exchange risks due to international procurement and export obligations. Furthermore, there is a risk of disputes arising from the fulfillment of export obligations, and exposure to foreign exchange fluctuations impacting procurement costs. The company also faces risks from geopolitical instability, market volatility, and macroeconomic factors that could affect the Indian economy and its operations.

The company faces numerous risks stemming from the Indian operating environment, including dependency on government policies, potential impacts from sovereign credit rating downgrades, and exposure to competition laws. There is significant uncertainty regarding the interpretation and implementation of evolving laws, such as taxation, labor codes, and GST, which could impose compliance burdens or financial liabilities. Furthermore, global financial instability can affect the Indian market, and inflation risks threaten to erode profit margins by increasing costs. Risks also exist concerning the enforcement of foreign judgments, the uncertainty of listing on stock exchanges, and potential dilution of shareholding due to future equity issuances.

The document outlines several risks related to the offer process and market perception. The determination of the Price Band and Offer Price is subject to various factors and consultation with Book Running Lead Managers (BRLMs), and the resulting price may not reflect the market price after the offer. There are also risks concerning the ability of investors to exercise pre-emptive rights, which might lead to dilution of ownership if certain legal requirements are not met. Furthermore, there are concerns about third parties acquiring control of the company due to anti-takeover provisions under Indian law.

The provided text details the consolidated statements of assets, liabilities, profit and loss, and cash flows for the company across different periods. The financial statements show fluctuations in assets, such as property, plant and equipment and financial assets, and liabilities, including borrowings and lease obligations. The profit and loss statement indicates periods of profit and loss, alongside various expenses and income components. The cash flow statement reflects cash generated from operations, investing activities, and financing activities, resulting in net changes in cash and cash equivalents.

The document details various contingent liabilities and related party transactions for the company. Contingent liabilities include amounts received as liquidated damages from a subsidiary and various corporate guarantees provided by the company for loans by its subsidiaries. Furthermore, the document outlines claims against the group not acknowledged as debts, as well as various transactions with related parties such as short-term employee benefits, directors' remuneration, and various loans and revenues between the company and its subsidiaries.

This section details outstanding balances with related parties as of different points in time, with related parties eliminated during the consolidation of financial statements. The data provided includes various balances such as loans, security deposits, and investments, categorized by the nature of the related party. The text directs readers to a separate note for further details on related party transactions.

The section outlines various aspects of outstanding litigation and regulatory proceedings, categorizing them based on the type of action, such as criminal proceedings, actions by statutory and regulatory authorities, and civil claims. It details several pending criminal complaints and civil disputes, including allegations of medical negligence, breach of trust, and defamation, against the Company and its doctors. Furthermore, it lists notices received from various authorities concerning money laundering investigations, contract labour violations, and issues related to the classification of surgical consumables. There are also pending consumer complaints and various other civil proceedings against the hospital.

The section details several ongoing and pending litigation and regulatory proceedings concerning medical negligence claims against the Company and its associated personnel. These include consumer complaints filed before the District Consumer Disputes Redressal Commission (DCDRC) alleging medical negligence, various criminal complaints against the Company's Promoter and directors, and disciplinary proceedings initiated by the ICAI against a former director. Furthermore, there are pending civil proceedings involving the Promoter and various other civil actions, as well as pending investigations by police and various judicial reviews.

The section details various pending legal and regulatory matters concerning the company, its directors, and its subsidiaries. This includes disciplinary proceedings against a Director, several civil proceedings involving consumer complaints against the company and its doctors, and outstanding criminal litigation against the promoter. Furthermore, there are pending tax matters, including GST audits and income tax proceedings, against the company and its subsidiary, as well as a civil suit alleging medical negligence against the hospital. Finally, the section summarizes outstanding dues to various creditors and confirms the absence of material developments or regulatory findings.

The section details various governmental, statutory, and regulatory approvals, licenses, registrations, and permits obtained by the Company and its Material Subsidiaries to conduct business activities. It outlines approvals related to the Offer, various corporate incorporation details, and extensive material approvals required for hospitals and laboratories, including business-related, environmental, building, and tax-related permissions. The text lists numerous specific licenses and registrations required under various acts and rules.

The section details various registrations and approvals related to tax identification numbers, material subsidiaries, labour and employment approvals, and pending/expired approvals. It lists several registrations issued by the Government of India and various state bodies, including GST and professional tax registrations. Furthermore, it outlines several applications for licenses and renewals that have been submitted to various authorities, with some applications scheduled for future dates. Finally, it mentions the status of intellectual property rights, noting that the company has registered 18 trademarks and made applications for 29, with 25 of those applications being opposed.

The section details the definition of 'group companies' under SEBI ICDR Regulations, identifying Paras RE Facilities Management Private Limited as a group company based on related party transactions. It also confirms that there is no outstanding litigation involving the group company that would materially impact the company. Furthermore, the text outlines various regulatory and statutory confirmations, including approvals from the Board and Shareholders, confirmations regarding the eligibility for the offer, and compliance with various regulations concerning directors, promoters, and the securities offering process.

This section primarily outlines compliance with various regulations pertaining to the issuance of the Draft Red Herring Prospectus, including requirements from the Securities and Exchange Board of India (SEBI) and the Companies Act, 2013. It clarifies that filing the prospectus does not absolve the company of liabilities, and that all applicable legal requirements will be met during the filing process. The text also details disclaimers from the Company, its Promoter, Directors, and Book Running Lead Managers regarding the reliance on external information. Furthermore, it specifies jurisdiction for disputes and details various restrictions and consents related to the offer, including eligibility criteria for bidders and expert opinions obtained.

The provided section details the performance of past issues handled by two different Book Running Lead Managers, JM Financial Limited and BofA Securities India Limited, covering various financial years. The data includes details on the number of IPOs, total funds raised, and the percentage of IPOs trading at discount or premium over different timeframes (30th and 180th calendar days from listing).

This section details the price information for past issues handled by Nuvama Wealth Management Limited, including various metrics related to issue size, price, and percentage changes from the listing date. It also provides a summary of the number of Initial Public Offerings (IPOs) completed in different financial years, categorized by the percentage of trading at a discount or premium over various timeframes. Furthermore, the text outlines mechanisms for investor grievance redressal, including retention of records, procedures for addressing grievances, and compensation mechanisms related to issues with UPI mandates.

This section details the legal framework governing the offer, including adherence to various laws and regulations such as the Companies Act, SEBI ICDR Regulations, SCRA, SCRR, and various SEBI/Government guidelines. It outlines the structure of the offer, which involves a Fresh Issue by the Company and an Offer for Sale by Selling Shareholders. The text specifies the terms for the ranking of equity shares, the mode of dividend payment, the pricing structure (Face Value, Offer Price, Floor Price, and Cap Price), and the procedures for bid submission and allotment, including timelines and rules for various investor categories.

This section details various provisions related to the offer structure, including the possibility of revising the Price Band and extending the Bid/Offer Period under SEBI ICDR Regulations. It outlines conditions for minimum subscription requirements and the consequences, such as refunds or interest payments, if minimum subscription is not met. Furthermore, it specifies the allocation process for different bidder categories, including QIBs, Non-Institutional Bidders, and Retail Individuals, detailing how shares are allocated based on various criteria and proportions.

This section details various procedural aspects of the offer, including rules for joint bids, conditions for refunding application money based on the allocation to QIBs, and rules regarding the allocation of shares across different investor categories. It also outlines procedures for handling bid revisions, discrepancies in data, and the various phases of the Unified Payments Interface (UPI) mechanism for applications. Furthermore, it specifies requirements for investor compliance, such as linking PAN with Aadhaar ID, and mandates for how bid forms must be submitted, particularly concerning the inclusion of UPI IDs for certain bidders.

This section details various procedural requirements and restrictions concerning the submission of bid forms and the participation of different investor categories in the offer. It outlines specific rules for UPI bidders, Anchor Investors, various types of investors like NRIs, FPIs, Mutual Funds, HUFs, and the conditions under which bids may be accepted or rejected. Furthermore, it specifies rules regarding the investment limits for FPIs and the handling of multiple bids from FPIs.

This section details various compliance requirements and restrictions based on the type of bidder participating in the offer, including different classes of investors such as VCFs, AIFs, FVCIs, Limited Liability Partnerships, banking companies, SCSBs, insurance companies, provident funds, and Systemically Important Non-Banking Financial Companies. It outlines specific documentation, registration certificates, and investment limits prescribed by various regulatory bodies like SEBI, RBI, and IRDAI. Furthermore, it specifies rules for Anchor Investors, including minimum bid amounts and allocation criteria, and various 'Do's' related to the submission of bids, including PAN linking, use of ASBA accounts, and proper documentation.

This section outlines numerous compliance requirements and instructions for bidders, covering aspects such as demographic details, signature attestations, document submission procedures, and specific rules for various bidding mechanisms. It details rules concerning fund blocking via ASBA accounts, restrictions on bid amounts, and stipulations regarding the submission of bids by different investor categories like Anchor Investors and RIBs. Furthermore, it specifies rules for UPI bidders and various technical grounds for the rejection of bids.

This section primarily outlines undertakings by the Company and the Selling Shareholders related to the offer process, including procedures for collecting bids, handling complaints, and timelines for completing listing formalities. It also details restrictions on the transfer of shares and the liability for fraud under the Companies Act. Furthermore, the text discusses various regulations concerning foreign investment in Indian securities and the conditions under which foreign investors can make investments, including amendments to FDI policy.

This section primarily details the legal framework governing the Company's structure, including definitions, share capital provisions, and the issuance of various share classes. It outlines rules regarding the treatment of new capital, the control of shares by the Board, and the conditions under which shares can be allotted. Furthermore, it covers procedures for issuing certificates, recognizing securities in dematerialized form, and the rights of members concerning the division of share capital.

This section details various provisions related to government intervention concerning debentures or loans, including the power of the government to direct conversion into shares, and the subsequent alteration of the company's memorandum and authorized share capital. It also outlines procedures for further issuance of shares and subjects the articles to various laws and regulations. Furthermore, the section covers provisions regarding liens on shares, including the distinction between fully paid and partly paid shares, and the extent of the lien over dividends and interest. It also details procedures for the sale of shares, including conditions for payment, and the rights of the Board to authorize transfers or issue new certificates.

This section primarily details the provisions regarding the forfeiture of shares by the Company. It outlines the process for dealing with members who fail to pay calls or installments on the appointed day, including the Board's power to serve notices for payment, the subsequent liability for forfeiture of shares, and the subsequent procedures for the sale or disposal of forfeited shares. It also specifies the rights of the person whose shares are forfeited and the company's ability to receive consideration for the sale of such shares.

The provided text primarily discusses provisions related to the lock-in of equity shares and the capitalization of profits. It details conditions under which equity shares are treated as 'locked-in' or 'non-transferable' during a specified Lock-in Period. Furthermore, it outlines procedures for handling pledges on these shares, including how transfers upon invocation or release of a pledge affect the lock-in status. The text also covers the mechanism for capitalizing amounts for distribution and the subsequent actions the Board must take regarding the appropriation and allotment of shares.

This section primarily outlines procedural rules for General Meetings, including the frequency of annual meetings, the power of the Board to call extraordinary general meetings, and the requirements for quorums and the role of the Chairperson. It details various aspects of proceedings, such as the quorum for business, the election of a Chairperson when one is unavailable, and rules regarding the adjournment of meetings. Furthermore, the text covers voting rights, including the method of voting (show of hands or poll), the handling of votes from joint holders, provisions for members of unsound mind, and restrictions on voting based on the holding period for shares.

This section primarily details procedural aspects related to the Board of Directors, including the number of directors, qualifications, remuneration, and the power to incur expenses. It outlines various provisions concerning the Board's meetings, such as decision-making by majority vote and the role of the Chairperson in case of a tie. Furthermore, it covers the Board's power to appoint additional directors and the procedures for documenting director presence. The text also touches upon the Board's borrowing powers, including restrictions on the aggregate amount of money that can be borrowed without a special resolution from the General Meeting.

This section primarily outlines various legal and procedural aspects related to the company's operations and governance, including indemnification provisions, power to merge or amalgamate, and definitions for various legal and financial terms. It details the company's ability to acquire assets and undertakings, and clarifies the applicability of certain regulations. Furthermore, it defines key terms such as 'Affiliates', 'Board', 'Business', and various financial concepts like 'Financial Statements' and 'Financial Year'.

This section primarily defines various terms used within the document, including definitions for terms like 'Investor', 'Key Employee', 'Law', 'Promoter', 'Related Party', and various securities and transaction concepts. It also outlines stipulations regarding the interpretation of terms, the nature of obligations, and the powers of the Board concerning share capital and issuance of securities.

This section details various provisions related to the issuance, transfer, lien, and forfeiture of shares and securities of the Company. It covers the Board's authority to issue further shares, the restrictions on recognizing interests in shares, the numbering and subdivision of shares, and the rights attached to different classes of shares. Furthermore, the text outlines the Company's lien over shares, including provisions for the sale of such shares, the process for calling for unpaid amounts, and the procedures for forfeiting shares due to non-payment of calls.

This section primarily details the provisions related to the forfeiture of shares, the issuance of additional equity shares, and various restrictions on the transfer and transmission of securities. It outlines procedures for offering and allotting outstanding shares to the Promoter and Investor, including time limits for acceptance and subsequent allotment to third parties. Furthermore, it establishes anti-dilution protections for the Investor and grants the Promoter certain rights to transfer securities, subject to various conditions and restrictions concerning the Investor's rights, such as the right of first offer or tag along rights.

This section primarily details various procedures related to the transfer of ROFO Sale Securities, including notices, acceptance, and subsequent transfer timelines. It outlines conditions under which the Selling Shareholder or Investor can sell securities to a Third Party, including provisions for Tag Along Rights, and requirements for third parties acquiring securities, such as executing a Deed of Adherence. It also addresses restrictions on transfers to Prohibited Transferees and clarifies the rights of the Investor concerning exit, indemnification, and anti-dilution rights.

This section primarily details various provisions related to the lock-in of pledged securities in connection with the company's Initial Public Offering (IPO), outlining procedures for ensuring shares are marked as non-transferable. It also covers the powers of the Board to borrow money and secure repayment, including the use of various securities as collateral. Furthermore, the text outlines rules regarding the payment and distribution of dividends, including provisions for unclaimed dividends, and establishes the composition and appointment procedures for the Board of Directors, including nominations for Promoter and Investor Directors.

This section outlines various procedural rules regarding Board meetings, including quorum requirements and adjournment procedures. It details conditions under which meetings may be held, including the requirement for Investor Director or Promoter Director presence. It also specifies rules for handling matters related to Reserved Matters, including procedures for voting and the need for prior approval from the Investor Director for certain resolutions.

This section primarily outlines the procedural requirements for shareholder meetings of the Company, including the frequency, notice periods, and quorum requirements. It specifies that at least one General Meeting must be held annually, with Annual General Meetings (AGMs) to be held within six months of the previous financial year's end. The Board is responsible for providing audited financial statements to shareholders before the AGM. Furthermore, it details the notice requirements for General Meetings and the conditions under which meetings can be shortened, including the need for prior written approval from the Investor. The section also defines procedures for handling situations where the quorum is not met, involving subsequent adjournments, and specifies voting procedures for resolutions.

This section primarily outlines procedural requirements for shareholder participation in General Meetings and the handling of 'Reserved Matters' by the Company. It details the notification procedures for proposed resolutions, the required approval mechanisms (such as by the Investor Director or the Investor), and the consequences for decisions made without adhering to these procedures. Furthermore, the text covers provisions related to the protection of Directors and Officers, including limitations on liability and provisions for indemnification against costs incurred in defending legal proceedings.

This section primarily outlines various contractual provisions related to exit rights, Initial Public Offering (IPO) procedures, financial investor sales, and corporate governance matters. It details conditions under which investor exit rights may fall away, procedures for undertaking an IPO, responsibilities of parties in an IPO, and provisions concerning the appointment and audit of auditors. It also covers aspects of financial record-keeping, secrecy obligations for employees, and the handling of dematerialized securities.

This section primarily details provisions related to the treatment of securities held by Depositories, the concept of beneficial ownership, and various restrictions and approvals concerning corporate actions and transactions. It outlines rules for treating individuals as absolute owners of securities, the maintenance of registers of beneficial owners, and various limits on transactions, such as those related to litigation, related party transactions, and the issuance of securities. Furthermore, it includes detailed provisions for calculating anti-dilution adjustments for securities issuance.

This section primarily details procedures related to the determination of Fair Market Value, prohibited transferees, terms for the issuance of Series A CCPS, and various rights concerning these securities. It outlines processes for appointing valuers, defining prohibited parties who cannot transfer certain entities, setting face value and term for Series A CCPS, establishing dividend priority, and outlining conditions under which Series A CCPS can be converted into Equity Shares, including various conversion ratios and timelines.

This section details various material contracts and documents, along with certified copies of the company's incorporation documents, and resolutions passed by the Board and Shareholders related to an offer. It also lists various agreements with different entities, including selling shareholders, registrars, and monitoring agencies, as well as various certificates concerning financial matters and tax litigation.

This section details various consents, reports, agreements, and resolutions related to the company's operations, audits, and participation in an offer. It includes consents from Chartered Accountants and practicing company secretaries, reports from CRISIL Limited, various agreements concerning the participation of promoters and other entities in an offer, and share purchase agreements with different funds and entities. Furthermore, there are agreements and business transfers involving the company with various parties.

This section primarily lists various agreements, reports, and observations related to the company's operations and regulatory compliance. It mentions a concession agreement with another company, several valuation reports concerning business transfers, due diligence certificates, principal approvals from stock exchanges, and tripartite agreements with NSDL and CDSL. It also references a final observation letter from SEBI.

The provided section consists entirely of declarations certifying compliance with various provisions of the Companies Act and regulations issued by the Government of India or SEBI. These declarations are signed by different Directors and Non-Executive Directors, affirming the truth and correctness of the disclosures made in the Red Herring Prospectus.

The provided section primarily consists of declarations and certifications from various directors and officers regarding the compliance of the Red Herring Prospectus with relevant laws and regulations, such as the Companies Act and SEBI guidelines. These declarations confirm the truthfulness of the statements made in the document. Furthermore, selling shareholders have confirmed the accuracy of their statements and assumed no responsibility for other statements made by the company or other selling shareholders.

The company's Board consists of seven Directors, including two Executive Directors, five Non-Executive Directors, and three Independent Directors. The document details the particulars of the Board members, including their designations, current terms, and directorships. Key personnel profiles are provided, highlighting their qualifications and professional experience in various sectors. Furthermore, the document clarifies that no directors are currently or have been directors of listed companies whose shares have been suspended or delisted in the last five years.

The document outlines various aspects of director and managerial personnel remuneration, benefits, and related party disclosures. It details allowances, perquisites, and retirement benefits for certain individuals, including Dr. Dharminder Kumar Nagar and Dr. Kapil Garg. It also specifies sitting fees for various directors and independent directors, including those related to different Board committees. Furthermore, the text covers the changes in the Board composition over the last three years and the constitution of various Board committees.

The document outlines the extensive powers and responsibilities of the Audit Committee, which include investigating activities, seeking external advice, and reviewing financial statements. The committee is tasked with various oversight functions, such as recommending auditors, reviewing financial statements, and ensuring compliance with legal requirements. Furthermore, the Nomination and Remuneration Committee has defined roles in formulating criteria for director qualifications, determining director remuneration policies, and managing employee stock option schemes (ESOPs).

This section details the composition and functions of various committees within the company, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee. It outlines the scope and terms of reference for these committees, which are governed by relevant regulations. Furthermore, the text lists several Key Managerial Personnel (KMP) and Senior Management, including the Group Chief Financial Officer, Company Secretary, Group Chief Operating Officer, and others, along with details about their tenure, qualifications, and prior professional experience.

The document details various aspects concerning the Key Managerial Personnel and Senior Management, including their qualifications, past experience, and changes in personnel over the last three years. It clarifies that there are no relationships between Key Managerial Personnel and Directors, nor have any such personnel been selected through arrangements with major shareholders, customers, or suppliers. Furthermore, the document outlines the status of employees regarding service contracts, shareholding, and compensation arrangements.

Dr. Dharminder Kumar Nagar is the Promoter of the company, holding 72.80% of the issued equity shares. He is also the Managing Director of the Company. The document details that the Promoter acquired the equity shares from Arabian Exports Limited in June 2003 and from Ved Ram in April 2005, meaning he is not the original promoter. The Promoter is a trustee of Ch. Ved Ram Charitable Trust. The document outlines various disclosures regarding the Promoter's interests, including transactions with related entities and details about the Promoter Group, which includes numerous other entities. Furthermore, the company has not declared or paid any dividends during the specified periods.

The provided section details various financial data points, including asset values, capital expenditures, and disclosures regarding related party transactions. It mentions significant lease arrangements concerning hospital premises, and outlines various risk factors related to financial instruments, including credit, liquidity, and market risks. Furthermore, it discusses the management's assessment of business risks, market uncertainties, and the nature of their business segment.

The provided text details various aspects of the company's borrowings and credit facilities, including the capitalization statement, secured borrowings from the company and its subsidiaries, and the principal terms of these borrowings. It outlines the nature of the facilities, such as the tenor and repayment periods, the interest rates applicable, and the security provided for these loans. Furthermore, the text specifies various restrictive covenants and events of default that may arise from these borrowing arrangements.

This section primarily outlines the consequences lenders may have upon the occurrence of various events of default, such as breach of warranties, cross-default, governmental actions against assets, or revocation of licenses. It details various remedies lenders can take, including demanding payment, declaring dues immediately payable, seizing assets, or reviewing and restructuring the company's management. Furthermore, the text discusses financing covenants, including requirements for tangible net worth, debt service credit ratio, debt to EBITDA ratio, and debt equity ratio, which must be maintained by the company and its subsidiaries. It also mentions the outstanding fund-based borrowings as of August 31, 2026, and the risks associated with credit rating downgrades.